Cloud Insurance Solutions

The client is a leading provider of cloud-based core system solutions and data analytics services for the world’s largest insurers, brokers, and MGAs. The top 15 insurance companies globally utilize products engineered by Experion. They offer ready-to-use, fully configurable cloud insurance solutions that facilitate quick and easy deployment at an affordable cost. Through their best-in-class digital platform, unrivaled industry experience, and thought leadership, the client is uniquely positioned to deliver exceptional value.

They empower their clients to focus on their core businesses, optimize operations, and provide superior customer experiences. With users worldwide and more cloud-based deployments than any other core system provider in the Insurtech space, the client is trusted by 15 of the top 25 property and casualty carriers in the US.

As a relatively new entrant in the insurance solution space, the client focused primarily on cloud-based product development. They were in the process of building their flagship solution, which fully integrates with an end-to-end policy, billing, and claims suite. With the product nearing market readiness, they sought a technology partner to work collaboratively with their IT team and take over the development and QA initiatives of the product. The solution needed to be built on a customized platform, and the client lacked the necessary expertise and skilled resources to achieve that within a short timeframe.

The key requirement was to enable the client to scale quickly and cost-effectively for developing and maintaining the cloud insurance solutions and implementing the platform across multiple customers, primarily mid-level insurance providers.

After a stringent selection process, Experion was chosen as the development and implementation partner to support the client’s cloud-based product development, maintenance, and support initiatives. The evaluation was based on multiple criteria, including technology competence, the team’s ability to scale, management, and project experience. Experion’s team underwent extensive knowledge transfer and training programs to gain an in-depth understanding of the client’s software development platform. Sessions with subject matter experts from the client side were also conducted. Additionally, a periodic evaluation was carried out internally to identify gaps.

A dedicated team comprising Java developers, QA testers, Angular developers, and business analysts was formed. To ensure effective communication, the team conducted daily client calls and provided periodic updates to the client team. Open discussions and feedback provided during this phase helped build the client’s trust. Our senior resources traveled to the client headquarters to understand the technical environment in detail, resulting in closer interaction and greater confidence from the client in the overall engagement.

Upon successful completion of the knowledge transfer, team Experion started working on selected modules of the client’s product suite. We understood their business requirements and began developing features and enhancements of a full-fledged policy and billing application, using Java as the primary programming technology. Our focus was on making the product configuration-driven rather than code-driven.

Once the policy and billing application was in place, the next target was to build the claims enterprise suite. This end-to-end cloud insurance solutions for policy, billing, and claims management simplifies automated claims management, litigation management, insurance product management, policy administration, claim payments and recoveries, attorney/legal assistant/paralegal handling, claim settlements, and more.

We implemented the following smart integrations, which made the product easily configurable for varied business needs:

• Claims Management: Xactware, Symbility
• Reporting: Hazard Hub, Lexis Nexis, Transunion, Millenium, Swiss Re, Maprisk, ISO, APlus
• Documents and Storage: DocuSign, Amazon S3, ImageRight, Excela, IVANS
• Payments: Trust Commerce, Cybersource, BB&T, Bill2Pay
• Others: Melissa, Mandril, ARATerrain, Risk Meter

The team has been fully involved in implementing the developed application for the client’s various customers. They have worked closely with the US counterparts to understand their needs and ensure prompt delivery.

• Reduced the turnaround time for onboarding new insurance companies from 3-4 months to ~30-45 days.
• The application can be customized and configured for specialized LOBs (Lines of Business), including auto, homeowners, commercial, etc.
• The use of automation techniques has notably reduced errors and improved efficiency.
• Integrations with various third-party applications improved the speed and accuracy of information collected.

• Similar tasks such as reminders for payments, late payment notifications, and reminders for renewals are bundled together by the tool for all applicable customers and executed in one shot.
• Implemented a secure payment system for users with multiple payment options, with pre-built integration with third-party service providers.
• Increased billing efficiency due to real-time bill processing.

• Improved the speed of the purchase process with e-sign policy purchases.
• Increased the efficiency of approval of customized policies and coverages for underwriters with prompt notifications and updates.
• Simplified the management of agency and agent-level operations, including commission payments.

• 10-15% reduction in claim lifecycle due to efficiency improvements.
• Automatic claims assignment to examiners based on skills, geography, availability, workload, and affinity saved costs and time.
• Faster claims adjudication through automation techniques for alerts, documentation, and processes.
• Improved efficiency and configurability of the product with third-party integrations (Xactware: Xactimate, Litigations).
• Enhanced customer experience due to transparency in the claims process.